Cancer diagnostics firm Neoprobe Corp. (NYSE Amex:NEOP) gave up more than its radiation detection arm in a recent deal with Devicor Medical Products Inc.; it gave up its name.
The deal, worth $30 million up front and up to $20 million in royalties over the next six years, transforms Dublin, Ohio-based Neoprobe into a pure player radiopharmaceutical company, complete with a new identity.
Company management is still in the process of working out a new corporate identity and transferring to a new stock ticker, CEO Mark Pykett told shareholders.
They hope to have something by the fall, Columbus Business First reported.
Devicor acquired marketing and distribution rights for Neoprobe’s gamma detection systems as part of a package deal when it purchased Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon-Endo Surgery, now called Mammotome.
Neoprobe plans to focus its efforts on advancing radiopharmaceutical developments, including its recently submitted new drug application for its controversial Lymphoseek intraoperative lymphatic mapping product, which has has weathered a storm of criticism, including a citizen’s petition filed by hedge fund MSMB Capital Management asking the FDA to block the new drug application the grounds that the drug’s pivotal trials suffered from vital mistakes, allegations that Neoprobe has officially rebutted.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
- General Dynamics snags Vangent for $960 million
Fairfax, Va.-based health care information technology company General Dynamics Corp. (NYSE:GD) agreed to pay $960 million in cash for Vangent Inc. a provider of health info-tech and business systems to federal agencies. The deal is expected to close by October 1.
- Becton Dickinson closes on Carmel Pharma
Franklin Lakes, N.J.-based med-tech giant Becton, Dickinson & Co. (NYSE:BDX) closed on its acquisition of Swedish company Carmel Pharma AB, maker of the closed-system drug transfer device PhaSeal. The terms of the acquisition were not made public.
- Symmetry closes on Olsen for $11 million
Orthopedic company Symmetry Medical (NYSE:SMA) closed on the $11 million acquisition of Olsen Medical, which manufactures single-use and reusable forceps, cords, electrosurgical pens/pencils, electrodes and accessories sold primarily in the U.S. and internationally through distributors. The companies signed a definitive agreement earlier this month.